By Arsen Darnay, Monique D. Magee
This useful and exhaustive print reference resource is designed to supply marketers with how-to info that they could observe to their very own company. The Encyclopedia comprises precise articles and overviews of the entire key details wishes of small company clients, together with financing; monetary making plans; marketing strategy construction; industry research; revenues method; tax making plans and extra.
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Additional resources for Encyclopedia of Small Business, Volumes 1-2
Through the use of SEO, companies can use a combination of HTML design elements (meta tags, links to and from other sites), text and keywords to ensure that their web sites are picked up by the search engines and appear high on a search results page. If done properly, this can increase traffic to the company’s web site without paying a pay-per-click fee. However, implementing a successful SEO plan takes a great deal of expertise. That must be acquired or purchased; either way a cost is involved.
One pitfall of this strategy is not choosing a representative time period. One month’s worth of sales figures may not be enough to fully gauge the effectiveness of an ad. Ideally, the business owner could compare figures from long periods of sales to exclude changes due to factors other than advertising, such as seasonal fluctuations and holiday sales. Running a Coupon One satisfyingly concrete way of tracking how many customers were exposed to advertising is to use coupons. These coupons, which will typically provide a discount of some kind or some other incentive to customers to use them, can be easily tabulated, providing businesses with tangible evidence of the advertising campaign’s level of effectiveness.
Doing as one’s competitor does is not, of course, always the wisest course. And matching another’s advertising budget dollar for dollar does not necessarily buy one the same marketing outcome. Much depends on how that money is spent. However, gauging one’s advertising budget on other participants’ in the same market is a reasonable starting point. Market Share Method Similar to competitive parity, the market share method bases its budgeting strategy on external market trends. With this method a business equates its market share with its advertising expenditures.